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Intel’s Earnings Guidance May Disappoint. Tune In After the Close.

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Wall Street has low expectations for the chip giant’s fourth quarter. They might not be low enough for Intel’s current quarter.

Courtesy of Intel

Intel will be first major computer-chip maker to report fourth-quarter earnings after the market closes. Wall Street has low expectations.

According to FactSet, the analyst consensus estimate is that Intel (ticker: INTC
) will report adjusted earnings per share of 21 cents on revenue of $14.49 billion for the December quarter. Analysts’ estimate for the current quarter is earnings per share of 25 cents on revenue of $13.93 billion.

Intel is going to a rough period. In October, the company gave a fourth-quarter-revenue forecast far short of the consensus at the time. And it looks like the demand environment for PCs has only gotten worse. According to research firm IDC, worldwide shipments of PCs fell 28% in the December quarter from a year earlier after a 15% year-over-year decline in the September quarter. IDC cited a continued unwinding of the pandemic-era boom.

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Earlier this week, Susquehanna analyst Christopher Rolland reiterated his Negative rating for Intel stock, citing his expectations for a further slowdown in corporate technology spending this year.

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“We believe full-year 2023 remains at risk as weakness persists in 1H23, and Data Center remains challenged through the year,” he wrote.

Rolland expects a disappointing forecast from Intel when it reports earnings.

“We believe guidance and estimates are going lower, but it’s hard to judge what is ‘in the stock’ as sentiment remains low,” he wrote.

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Intel stock has fallen by 42% over the last 12 months.

Write to Tae Kim at tae.kim@barrons.com

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